France Working at UN to Unblock Rebel Access to Libya

- France Working at UN to Unblock Rebel Access to Libya

Wednesday, August 24, 2011
Deutsche Presse-Agentur (dpa)

France is working with other countries at the United Nations to unblock access for Libya's rebel-led Transitional National Council (TNC) to the country's resources, the French foreign ministry confirmed Wednesday.

The United Nations in a resolution in March blacklisted five Libyan companies, including the National Oil Corporation, as part of a series sanctions against Moamer Gaddafi's regime.

Traders have since been wary of buying Libyan oil.

Libya's rebels have been campaigning to have the oil sanctions lifted.

Ahead of a meeting between French President Nicolas Sarkozy and rebel leader Mahmoud Jibril in Paris, a foreign ministry spokesman said France considered the TNC should be able to "dispose of the financial resources that have been frozen by the UN Security Council sanctions resolutions."

"We are currently working towards that goal in New York, in close concertation with our partners," the spokesman said.

France, along with several other countries, recognize the TNC as a legitimate representative of the Libyan people.

Copyright 2011 dpa Deutsche Presse-Agentur GmbH

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Toreador Comments on France's Fracking-Ban

- Toreador Comments on France's Fracking-Ban

Wednesday, July 06, 2011
Toreador Resources Corp.

Toreador commented on the recent French law, voted on June 30, 2011, banning the use of hydraulic fracturing for oil and gas extraction.

Craig McKenzie, President and CEO of Toreador, said, "As a longstanding operator in France, we have demonstrated our expertise and ability to conduct our Paris Basin operations in full respect of the environment and local residents where we operate. Notwithstanding the new law, we believe the oil resource potential of the Paris Basin can create jobs, provide local economic development, generate substantial revenues for the State and benefit all stakeholders. We reaffirm our commitment to define and develop this basin to reach its potential for all stakeholders, in compliance with French legislation and through cooperation with French authorities."

Added McKenzie, "It is important to note that our plan to evaluate our exploration licenses does not call for hydraulic fracturing. We will not conduct hydraulic fracturing operations within any of our permit areas. We will make full disclosures and representations to the French regulatory authorities as may be required."

Concluded McKenzie, "As we recently outlined at our annual shareholder's meeting, the company has been able to significantly advance its assessment of traditional exploration and development opportunities across its entire Paris Basin portfolio. It is our goal to bring these plans forward and to take the operational and strategic steps to create long-term value for our shareholders."

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Arbitration Tribunal Orders Siemens To Pay Areva $927 Million

- Arbitration Tribunal Orders Siemens To Pay Areva $927 Million



May 20, 2011

Siemens AG (NYSE:SI) has been ordered by an arbitration tribunal to pay $927 million to French state-controlled company Areva SA, finding the Munich, Germany based company failed to meet contractual obligations in a nuclear joint venture it exited earlier this year.

The payment, plus interest, will be recorded in Siemens' fiscal Q3 ending in June. Siemens sold its stake in the joint venture to Areva in March for a pretax gain of $2.17 billion.

The French joint venture, previously called Framatome, was the world's biggest maker of nuclear reactors and when it was created a decade ago when Areva and Siemens merged their nuclear reactor businesses in France, Germany and the U.S.

Shares of Siemens are trading down 2.94% at $130.76.

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